DALLAS — Lee & Associates Dallas/Fort Worth has arranged a 10,800-square-foot industrial lease at 4656 Leston Ave., Suite 501 in Dallas. Bates & Myers Co. represented the tenant, First Choice Bargains, in the lease transaction. Phil Rosenfeld and Matt Thompson of Lee & Associates represented the landlord, Regal Business Center LLC.
DALLAS AND HOUSTON — Dallas-based Veritex Holdings Inc. (NASDAQ: VBTX), the parent company of Veritex Community Bank, and Houston-based Green Bancorp (NASDAQ: GNBC) have entered into an agreement that will merge Green and its subsidiaries with the Veritex brand. The transaction, which is valued at approximately $1 billion, will create a new lending institution with $7.5 billion in assets that will operate 43 branches across the state. The deal calls for Green’s shareholders to receive 0.79 shares of Veritex common stock for each share of Green common stock. The stocks are currently trading at about $32.77 per share for Veritex and $25.89 per share for Green. Closing is expected to occur during the first quarter of 2019.
BAYTOWN, TEXAS — Houston-based Clay Development & Construction Inc. will build Cedar Port IV Distribution Center, a 349,440-square-foot industrial facility that will be located within Cedar Port Business Park in Baytown, an eastern suburb of Houston. The rail-served property will feature 32-foot clear heights, 50- by 52-foot column spacing and 60-foot loading bays, as well as the capacity to accommodate a 72,320-square-foot building expansion. Construction is scheduled to begin in October and wrap in summer 2019.
HOUSTON —A subsidiary of Chilean real estate firm Red Megacentro will develop Megacenter Willowbrook, a project that will convert a former Walmart Supercenter building in the Willowbrook area of northwest Houston into a 235,627-square-foot mixed-use property. Preliminary plans call for industrial, self-storage, retail and office space. Phase I will deliver a 113,940-square-foot gym, 47,319 square feet of flex space and a 6,810-square-foot auto center. The final project completion date is slated for November 2019. Michael Johnson and Stuart Hepler of HFF arranged floating-rate financing for the project through Icon Bank.
AUSTIN, TEXAS — Tech firm GLG, which provides platforms that bring subject matter experts together, has expanded its office lease in Austin. The company will now occupy 84,000 square feet at 301 Congress Avenue, with space for up to 730 employees. The new space includes an additional coffee bar, an outdoor covered terrace and a training and presentation room.
HOUSTON — LMI Capital has arranged five loans totaling $16 million for five multifamily properties located throughout the Houston area. The undisclosed properties total 390 units and are located in south Houston, Pasadena, Brazoria County and the Fondren submarket on the southwest side of town. Brandon Brown, Jamie Mullin and Jamie Safier of LMI Capital placed the loans on behalf of undisclosed borrowers.
Growing up in Lubbock in the 1990s, cotton fields were everywhere. No growth existed in the southwest part of town, and few new apartments were built. Today those same cotton fields are housing developments; the southwest part of town is filled with high-quality retail and more than 2,000 apartment units have been delivered since 2015. Lubbock is thriving behind its sub-3 percent unemployment rate, strong agricultural sector, university with 40,000 students and a very strong healthcare sector. Available capital and financing options are plentiful. Many have taken notice, however, which has affected rent growth and vacancy in the market. Economic Overview One of the biggest misconceptions of the Lubbock economy involves the role of the oil and gas industry. A myriad of investors often incorrectly tie Lubbock with Midland/Odessa in this regard, ascribing to Lubbock the historical swings of an energy-based economy. But the comparison is pure apples to oranges. Although energy does have an impact, Lubbock boasts more economic diversity than many of its West Texas neighbors. A direct result of Lubbock’s diversity is the unemployment rate, which is one of the lowest in the state at 2.7 percent. This strong performance in the job market stems from an …
HUNTSVILLE, TEXAS — A joint venture between The Preiss Co. and TH Real Estate has acquired The Forum at Sam Houston, a 450-bed student housing property serving Sam Houston State University in Huntsville. The community offers one-, two- and three-bedroom units and amenities such as a pool, basketball and volleyball courts, fitness center, outdoor lounge and two pet parks. The new ownership will renovate the property this fall. The seller was not disclosed.
DALLAS — Crescent Real Estate LLC has topped out The Luminary, a 104,979-square-foot creative office building in Dallas’ West End neighborhood. A partnership between Crescent and Boston-based Long Wharf Capital acquired the property, which was designed by Dallas-based architecture firm Corgan, in 2017. Following the seven-story expansion, The Luminary is now the tallest building in the West End.
DALLAS — Coworking office firm WeWork will open a 52,000-square-foot location within Victory Park, a 75-acre mixed-use development in Uptown Dallas. Scheduled to open in early 2019, WeWork’s new space will comprise two floors of the Victory Plaza building located at 3090 Olive St. According to the company website, the Victory Park location will be WeWork’s sixth in the DFW metroplex.